The following information outlines key dates relating to the new FI Collective Agreement. These dates should serve as a guide for upcoming milestones in the implementation of the new agreement. The Association will provide more information as it becomes available.  

Date Significance

July 5, 2013
Date of the interest arbitration award

Provisions added or amended as a result of the arbitration award include:

  • vacation leave
  • bereavement leave
  • leave with pay for family related responsibility
  • severance termination benefits
  • call back pay
  • economic wage increases for 2011, 2012, 2013
  • CFO allowance is rolled into salary
  • restructure of pay grid

Voluntary severance entitlements for the purposes of retirement and resignation also cease to accumulate as of this date.

Treasury Board has 90 days starting on the day after the award was rendered (July 6th, 2013) to implement all the provisions added as a result of the award. Some departments may begin implementation sooner but all departments must implement changes by October 4, 2013.

September 2013
Ratification of the new collective agreement

The new FI Collective Agreement will be presented to Treasury Board Ministers in September (or when Parliament resumes). The exact date of signing will be determined in late August, at which time members will be advised.Negotiated changes and provisions signed off by the parties at the bargaining table will become effective as of the date of ratification, or, signing.

An electronic version of the new FI Collective Agreement will be made available on ACFO and TBS websites shortly after ratification.

October 4, 2013
Deadline: implementation of the interest arbitration award

As of October 4, 2013 (90 days after the award), paychecks must be adjusted to reflect the new rates of pay which include the 2011 and 2012 economic wage increases, as per the award:

  • 1.75% retroactive to November 7, 2011
  • 1.5% retroactive to November 7, 2012

FIs will also receive a separate lump sum payment making up for monies owed for all retroactive pay.

Leave banks must also be updated to reflect the changes resulting from the arbitration award.

November 7, 2013
Implementation of new pay grid and 2013 economic wage increase

Effective November 7, 2013, paychecks must be adjusted to reflect the 2013 economic wage increase of 2%, the CFO Transitional Allowance being rolled into salary (if applicable) and the grid restructure as per Appendix A of the Arbitration Award

December 2013
Deadline: information on continuous employment

Treasury Board and Departments will have 3 months following the official date of signing of the Collective Agreement (expected in September 2013) to provide information regarding the calculation of each employee’s period of continuous employment. Some Departments may provide this information sooner, but all Departments must do so by December 2013.The period of continuous employment determines the number of weeks of pay for the purpose of calculating voluntary severance entitlements.

March 2014
Deadline : voluntary severance cash-out option

FIs will haves 6 months from the date of the signing of the Collective Agreement to provide the Employer with their choice of voluntary severance cash-out option.Employees who choose to cash out will receive a single payment at the rate of pay of their substantive position on July 5, 2013 (the sooner an employee advises their Employer of their choice to cash out, the sooner they will likely receive payment).Employees who choose to defer cash-out until termination will receive a single payment at the rate of pay of the substantive position at retirement or resignation.

Employees who choose to cash out a portion of their voluntary severance will receive two payments. One at the rate of pay of their substantive position on July 5, 2013, and the other at the rate of pay of the substantive position when employment is terminated.

Note: Employees who fail to advise the Employer of their choice of option will by default have their cash-out deferred to the time of termination.

Note: ACFO will be requesting that TBS extend the voluntary cash-out optiondeadline for employees on leave.More information to follow.

More information on severance is available on ACFO’s website.


Date: 2013-07-25